Year End Tax Strategies
The clock is ticking down to the new year. Last chance to book some tax breaks.
According to Jeff Reeves, editor of investorplace.com, there are year end tax strategies you can use to keep some of your money from the tax man. In an article written for USA Today, Reeves suggests 11 strategies.
By example, defer a year end bonus until January, pushing back the tax bill by another year. If self employed defer some your year end income into January. If you have to pay taxes, at least you can defer the event, keeping that money in your pocket a bit longer. Also look at last minute write-offs such as donating to charity. And you can give a gift of money up to $14,000 to a relative as a yearly tax free gift.
Also, check out your investment portfolio and sell money losing investments to offset profits from a good investment. Selling the dogs helps you keep more of your profits from good investments. And as always consult your tax advisor for expert advice.